1. Obtain the Marginal Rate of Substitution MRSxy.
2. (non technical) what does the MRS for this utility function tell us?
3. Graph 2 indifference curves U=10 and U =14, (with at least 3 bundles for each)

1 2 2. [3 points] Given the utility function: U(x.y) = xays, where x and y are goods and 1/3 and 2/3 are constants, MU, = x sys and MUy = x31 WIN a. Obtain the Marginal Rate of Substitution MRSxy. b. In your own words (non technical) what does the MRS for this utility function tell us? c. Graph 2 indifference curves U=10 and U =14, (with at least 3 bundles for each)